The Federal Deposit Insurance Corporation ("FDIC") and its once outside counsel, John Gilliam, Ray Guy, and Cathy Ries ("outside counsel"), appeal the imposition of sanctions under FED.R.CIV.P. 11 and 28 U.S.C. § 1927. Because we find that the district court abused its discretion by imposing these sanctions, we reverse, 148 F.R.D. 160.
I.
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